Background:
I'm 25, my income this year will be almost $65K before taxes.
Monthly Budget: Rent- $590 Utilities- $350-$400 Groceries: $400 Gas: $120 Personal Loan- $130(Paid off in December) Internet- $45 Car Payment- $325(About $13k principle left) Car Insurance- $169 Financing for Bed/Refrigerator- $145 2 Phones(Mine and Fiancée): $90 Dog Food: $120 (they have to have certain grain free food or legit will throw it up)
Total: $2,534
I make $20.27/hr so my base salary is a little over $42K. I work a lot of overtime because my job has a lot of opportunity to get overtime every week.
Well, we recently found out my fiancée is 5 weeks pregnant and I have been worried about some debt that I have not been taking care of due to being really awful with spending, etc.
A couple months back I got hit with wage garnishment and it crippled us for almost 2 months and I am paranoid about it happening again and I don't know what I should do.
She is going to school full time and we only have one car because hers broke down about 6 months ago. To make matters worse, my schedule rotates every 2 weeks so it's nearly impossible for her to find a job around here that is flexible enough to work with my schedule, especially now that we're going to have to prepare for more doctors appointments and whatnot.
I have roughly $9,000 in credit card debt that is all in collections.
I realize I should have been responsible and working on it beforehand but now I just need some guidance.
Should I just try to declare bankruptcy or basically just work 80 hour weeks for the next 9 months and hope I don't die before my child arrives?
Thank you all.
Submitted October 14, 2017 at 03:30PM by theoddman92 http://ift.tt/2xFYSLy personalfinance
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